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Celebrity stockpicker and Ark Invest Chief Executive Cathie Wood told CNBC on Friday that hedge fund veteran Bill Hwang had provided seed capital for Ark’s first four exchange-traded funds.
Wood said she had held discussions with Hwang about U.S. stocks and, in particular, the media sector back in 2013.
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“He did provide the seed for our first four ETFs and we were very grateful to him. It was at a time where market makers were sick of seeding new strategies,” she said in the CNBC interview https://cnb.cx/2Q0BVgH.
Ark Invest CEO Wood says Bill Hwang provided seed capital for first 4 ETFs â CNBC By Syndicated Content
May 7, 2021 3:27 PM
(Reuters) â Celebrity stockpicker and Ark Invest Chief Executive Cathie Wood told CNBC on Friday that hedge fund veteran Bill Hwang had provided seed capital for Arkâs first four exchange-traded funds.
Archegos Capital Management, the New York investment fund run by former Tiger Asia manager Hwang, was preparing for insolvency as banks involved in financing its trades seek to recoup some of their losses, according to a Financial Times report earlier this week.
Archegos fell apart in March when its debt-laden bets on stocks of certain media companies unraveled.
股价受挫 资本市场重估在线教育？_-中文科技资讯-你关心的才是黑科技 citnews.com.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citnews.com.cn Daily Mail and Mail on Sunday newspapers.
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REUTERS: Celebrity stockpicker and Ark Invest Chief Executive Cathie Wood told CNBC on Friday that hedge fund veteran Bill Hwang had provided seed capital for Ark s first four exchange-traded funds.
Archegos Capital Management, the New York investment fund run by former Tiger Asia manager Hwang, was preparing for insolvency as banks involved in financing its trades seek to recoup some of their losses, according to a Financial Times report earlier this week.
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(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler)
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